Updated on January 16, 2023 10:55 AM
Robert Kiyosaki, the writer of Rich Dad Poor Dad, has disclosed the main reason he is buying bitcoin. The acclaimed author predicted that the Securities and Exchange Commission's (SEC) laws will "destroy" most other crypto coins.
Kiyosaki announced on Twitter on Friday that he is investing in bitcoin. He stated that he is "very excited" about BTC since it "is classified as a commodity similar to gold, silver, and oil." The Rich Dad Poor Dad author went on to say that the Securities and Exchange Commission (SEC) of the United States has classed bitcoin as a commodity, while most other crypto tokens are securities, and that "SEC laws will kill most of them." He concluded his message by saying he is purchasing more bitcoin.
According to SEC Chairman Gary Gensler, Bitcoin is a commodity, but most other crypto tokens are securities. Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has also stated that bitcoin is a commodity.
In November, the securities regulator stated that its Enforcement Division is still focusing on cryptocurrency. The SEC has been heavily chastised for focusing on enforcement when it comes to regulating the crypto sector. Following the terra/luna collapse in May, Gensler predicted that many crypto tokens will fail.
At the time of writing, the price of Bitcoin is $16,743.20 USD, with a 24-hour trading volume of $10,819,109,576 USD. Bitcoin has increased by 1.29% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a live market cap of $322,305,414,086 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,249,925 BTC coins.
Also Read: How sustainable is Bitcoin mining?
On the 4-hr chart, Bitcoin's price has dropped below the $16,500 support level. On the other hand, BTC bulls were aggressive above the $16,200 barrier. The price dropped as low as $16,325 and has just begun to rise.
A modest recovery wave occurred over the $16,500 mark. The price has risen over $16,600 and the 100 hourly simple moving average. The bears, on the other hand, were active at the $16,680 level. The price corrected downward after reaching a peak at $16,683.
Bitcoin price fell below the 23.6% Fib retracement level of the rise from a $16,325 low to a $16,683 high. It found support around the $16,500 mark.
The price is trading above the 50% Fib retracement level of the upward advance from the low of $16,325 to the high of $16,683. It is also above the $16,500 mark and the 100 hourly simple moving average. On the upside, an immediate resistance level is at $16,600.
From a longer time perspective, the scenario is less encouraging, as the price stays near the $16,465 support level. If growth does not occur quickly, the next approach to the previously indicated target may be required for a breakout. In this instance, there is a good chance of seeing a test of the $16,200 level.
On a weekly basis, the candle is going to close bearish. However, the price is still a long way from the crucial levels. The crucial zone is currently $16,000, a breach of which might lead to a test of the support at $15,632.
The first big resistance is located near $16,680. The next significant resistance is at $16,800. The major breakout zone is still around $17,000. A decisive break over the $17,000 barrier level might spark a new uptrend in the short future.
Tim Draper, a tech tycoon, recently addressed his oft-repeated forecast that Bitcoin will reach $250,000 by 2023. While Bitcoin hasn't yet reached that level, he is certain that this forecast will come true before the approaching halving.
The billionaire venture investor and cryptocurrency enthusiast disclosed that he was wearing a T-shirt with the phrase "250K by 2022," demonstrating his belief in digital currency.
Draper has long been a fan of Bitcoin. He has long been a supporter of decentralized digital currencies and was one of the first Bitcoin investors. In 2014, he purchased approximately 30,000 bitcoins at a US Marshals Service auction that had been confiscated from Silk Road, the underground black market website created by Ross Ulbricht.
Draper believes that Bitcoin can help individuals gain financial independence by introducing 'unbanked' people into the global economy. According to reports, the venture investor has suggested several times that women will be able to push Bitcoin beyond the 2023 level.
Cryptocurrency is a decentralized digital money that secures transactions and ownership information via encryption. Transactions involving cryptocurrency are recorded on a digital database known as a blockchain. The fundamentals behind blockchain technology make hacking into a blockchain almost difficult.
Although many countries recognize bitcoins as a kind of finance, just a few consider them legal tender. Outright restrictions exist in China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia.
It takes about 10 minutes to mine one Bitcoin, however, this is with perfect hardware and software, which isn't always cheap and only a few individuals have it. Most users can mine a Bitcoin in 30 days, which is more usual and reasonable.
Solo or pool mining services are available for crypto mobile mining on iOS and Android platforms. However, Bitcoin can’t be mined using mobile phones as it is a very heavy process and requires heavy equipment.
Miners on the Bitcoin network make money by validating blocks and being reimbursed for their efforts. Bitcoins may be traded for fiat money and used to make purchases from merchants and retailers who accept them via cryptocurrency exchanges.
Disclaimer: The article is merely the opinion of the writer and is not intended to be taken as investment advice.